7 USC 9035 - Loan deficiency payments

U.S Code last checked for updates: May 03, 2024

§ 9035.

Loan deficiency payments

(a)

Availability of loan deficiency payments

(1)

In general

(2)

Unshorn pelts, hay, and silage

(A)

Marketing assistance loans

(B)

Loan deficiency payment

(b)

Computation

A loan deficiency payment for a loan commodity or commodity referred to in subsection (a)(2) shall be equal to the product obtained by multiplying—

(1)

the payment rate determined under subsection (c) for the commodity; by

(2)

the quantity of the commodity produced by the eligible producers, excluding any quantity for which the producers obtain a marketing assistance loan under section 9031 of this title.

(c)

Payment rate

(1)

In general

In the case of a loan commodity, the payment rate shall be the amount by which—

(A)

the loan rate established under section 9032 of this title for the loan commodity; exceeds

(B)

the rate at which a marketing assistance loan for the loan commodity may be repaid under section 9034 of this title.

(2)

Unshorn pelts

In the case of unshorn pelts, the payment rate shall be the amount by which—

(A)

the loan rate established under section 9032 of this title for ungraded wool; exceeds

(B)

the rate at which a marketing assistance loan for ungraded wool may be repaid under section 9034 of this title.

(3)

Hay and silage

In the case of hay or silage derived from a loan commodity, the payment rate shall be the amount by which—

(A)

the loan rate established under section 9032 of this title for the loan commodity from which the hay or silage is derived; exceeds

(B)

the rate at which a marketing assistance loan for the loan commodity may be repaid under section 9034 of this title.

(d)

Exception for extra long staple cotton

(e)

Effective date for payment rate determination

(Pub. L. 113–79, title I, § 1205, Feb. 7, 2014, 128 Stat. 679; Pub. L. 115–334, title I, § 1201(c)(1), Dec. 20, 2018, 132 Stat. 4509.)

cite as: 7 USC 9035